Stats › Listings, IPOs and corporate actions › Dual class shares

41.1% of 2025 US IPOs had unequal voting rights

1980: 1.4%1.4%19801990: 8.2%8.2%19902000: 6.6%6.6%20002010: 11%11%20102015: 18.6%18.6%20152020: 20%20%20202021: 33.1%33.1%20212024: 22.2%22.2%20242025: 41.1%41.1%2025

2025 was the highest on record. The series excludes unit offers, closed end funds, REITs, blank cheque companies, banks and offers below five dollars a share. Source: Jay Ritter, University of Florida.

A dual class listing gives public buyers the economics and keeps the votes with the founders. In 2025, 41.1% of US initial public offerings used one, against 1.4% in 1980. The listing premium turns into a discount after about six to nine years.

41.1%Dual class US IPOs, 2025
1.4%The same figure in 1980
about 60%Insider share of votes
about 13%Listing valuation premium

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